Francis Delay: “Economic growth in Azerbaijan’s non-oil sector will be 12-14%, this year”

Francis Delay: “Economic growth in Azerbaijan’s non-oil sector will be 12-14%, this year”
# 02 March 2011 14:06 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. Azerbaijan’s economy will develop more during mid-term perspective, EBRD country representative to Azerbaijan Francis Delay said at the Azerbaijan Investment Summit – 2011, today.

According to him, GDP growth rate also will increase till the oil-gas production rises in Azerbaijan: “Azerbaijan must develop the non-oil sector. According to our forecasts, economic growth in non-oil sector of the country will be 12-14%, this year”.

He also noted that, the Bank had financed 130+ projects during its activity in Azerbaijan and granted $ 1.6 bln to Azerbaijan: “Our current portfolio for Azerbaijan makes near 1 bln USD. Totally, 46% of our allocations was directed to energy sector, 22% to corporate sector, 18% to 9 banks and 3 non-banking credit organizations”.

According to him, EBRD has developed strategy for next years in Azerbaijan that mainly corporate sector will be taken into account.

“Azerbaijan needs to increase the capitalization. Manat is forecasted to remain stable this year” he added.

He also noted that Azerbaijan has to develop insurance and stock markets, too.
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